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of capital investment will be greater. you will have less flexibility to use tax spending policies to respond to unexpected challenges like a recession or war. there will be a heightened risk of a fiscal crisis in which the government would not be able to borrow at federal interest rates. second, that would be even larger if current laws were modified. if lawmakers eliminated the automatic spending cuts set to take in march but replaced it with the original control act, if they prevented the sharp reduction, scheduled for next january, and extended the tax provisions scheduled to expire, and if no offsetting changes were made then budget deficits would be substantially larger than our baseline projection. third, that might be larger than up or projections because even the original tax on discretionary funding in the budget control act would reduce spending to just 5.8% of gdp in 2023, a smaller share than for any year in the past 50. because of the allocation of discretionary funding is determined through annual appropriation acts you and your colleagues have not yet decided which specific go
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